Global Wearable Medical Devices Market Grows at a Staggering CAGR of 27.81%

Introduction

Wearable medical devices are a type of healthcare technology worn on the body to monitor and track various health parameters. These devices are devised to be worn comfortably and non-invasively integrate sensors, connectivity, and data analysis capabilities to collect and analyze pertinent health data. They provide real-time monitoring and feedback, enabling individuals, caregivers, and healthcare professionals to make informed wellness decisions. Wearable medical technology can precisely monitor fitness, heart rate, and disease management. They can store patient health information and send medication reminders.

Market Dynamics

Rising Demand for Round-The-Clock Monitoring Drives the Global Market

The prevalence of illnesses like hypertension and diabetes is anticipated to surge over the forecast period due to a sedentary lifestyle. These diseases necessitate constant monitoring of physiological parameters such as blood pressure and glucose levels. This increases the need to integrate healthcare data with portable devices that can be delivered in real-time to physicians, thereby reducing errors and boosting industry demand.

Furthermore, the escalating prevalence of chronic illnesses and the rising death rate are major concerns for individuals and government agencies. Therefore, healthcare providers now emphasize personalized care, including continuous patient monitoring. As many of these devices can be worn 24 hours a day, seven days a week, 365 days a year, it is possible to monitor patients at all times. Therefore, the demand for wearable devices is anticipated to increase over the forecast period.

Growing Trend toward Mobility and Home Care Creates Tremendous Opportunities

There is a growing trend toward portability and delivery of care at home or the bedside, accelerating the design of the next generation's more versatile, precise, and compact diagnostic, therapeutic, display, and monitoring equipment. These systems have a consumer-driven healthcare model that embraces innovations like personalized wearable devices, electronic patient records, and wireless internet-linked systems. They are expected to provide intelligent, user-friendly, and convenient healthcare at home.

Additionally, the prevailing trend of portable medical devices and home care delivery is primarily propelled by the presence of a rising aging population that experiences chronic illness and disability. This will allow for increased mobility in the home. This will likely encourage designers to create medical devices that patients can discreetly carry in public, thereby creating opportunities for market players.

Regional Analysis

North America is the most significant global wearable medical devices market shareholder and is anticipated to exhibit a CAGR of 25.7% during the forecast period. The rising use of home care and remote patient monitoring devices for routine, continuing, and long-term patient monitoring and decreasing the frequency of hospital visits is expected to drive market expansion throughout the forecast period. One of the main factors propelling the nation's market growth is the rising elderly and obese population. For example, as per the Population Reference Bureau, the number of Americans 65 and older is anticipated to rise from 52.0 million in 2018 to 95.0 million by 2026, increasing their population proportion from 16% to 23%. The country's growing geriatric population is anticipated to accelerate demand for wearable medical devices during the forecast period because elderly people prefer home healthcare services.

Key Highlights

• The global wearable medical devices market size was valued at USD 51.70 billion in 2023. It is estimated to reach USD 272.03 billion by 2032, growing at a CAGR of 27.81% during the forecast period (2024–2032).
• Based on product, the global wearable medical devices market is divided into diagnostic and therapeutic devices. The diagnostic devices segment owns the highest market share and is estimated to grow at a CAGR of 27.1% during the forecast period.
• Based on application, the global wearable medical devices market is segmented into remote patient monitoring, sports and fitness, and home healthcare. The home healthcare segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 26.7% throughout the forecast period.
• Based on site, the global wearable medical devices market is bifurcated into handheld, shoe sensors, headbands, strap/clip/bracelets, and others. The strap/clip/bracelet segment dominates the global market and is expected to exhibit a CAGR of 4.91% over the forecast period.
• North America is the most significant global wearable medical devices market shareholder and is anticipated to exhibit a CAGR of 25.7% during the forecast period.

Competitive Players

1. Fitbit Inc.
2. Apple Inc.
3. Garmin Ltd.
4. Samsung Electronics Co., Ltd.
5. Xiaomi Corporation
6. Huawei Technologies Co., Ltd.
7. Omron Healthcare, Inc.
8. Philips Healthcare
9. Dexcom, Inc.
10. Medtronic plc
11. Abbott Laboratories
12. GE Healthcare
13. Biotelemetry, Inc.
14. iRhythm Technologies, Inc.
15. BioTelemetry, Inc.

Recent Developments

Recent Developments

• June 2023- Cala Health introduced the kIQ system, which the company describes as the first noninvasive wearable device approved by the FDA to temporarily alleviate tremors in patients with essential tremors and Parkinson's disease.
• September 2022- Bonatra, an Indian startup, introduced a wearable smart ring, Smart Ring X1, that monitors multiple health parameters, including heart rate, blood oxygen (SpO2), and sleep quality.

Segmentation

1. By Product Type
   1. Diagnostic and Monitoring Devices
      1. Wearable Electrocardiographs (ECGs)
      2. Wearable Blood Pressure Monitors
      3. Wearable Blood Glucose Monitors
      4. Wearable Pulse Oximeters
      5. Activity Monitors/Fitness Trackers
      6. Sleep Trackers
      7. Wearable Respiratory Monitors
      8. Others
   2. Therapeutic Devices
      1. Pain Management Devices
      2. Insulin Pumps
      3. Wearable Respiratory Therapy Devices
      4. Wearable Dialysis Devices
      5. Wearable Hearing Aids
      6. Others
2. By Application
   1. Remote Patient Monitoring
   2. Home Healthcare
   3. Sports and Fitness
   4. In-Hospital Use
   5. Rehabilitation
   6. Others
3. By Distribution Channel
   1. Pharmacies
   2. Online Sales
   3. Hypermarkets/Supermarkets
   4. Specialty Stores
   5. Direct Sales